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We can also observe miners continuously selling, mainly to liquidate before the next halving. The upcoming mining halving will reduce mining rewards from 6.25BTC to 3.125BTC. As of the time of writing, calculations based on wallets associated with cryptocurrency miners indicate a net outflow of approximately 8,530 BTC during the period since the ETF approval. In other words, the reduction in BTC from both exchanges and miners is roughly 80,464 BTC. Here, we have used the net outflow quantity for calculation because net outflow data includes the difference between miners' demand for hoarding and the actual mined BTC.
On the demand side, despite ongoing discussions about Grayscale continuously selling BTC, due to discrepancies in statistics from various sources and variations in the timing of institutions updating their spot ETFs, a comprehensive estimate based on CryptoQuant and Farside data suggests that the cumulative funds entering the market through BTC spot ETFs have reached $9.594 billion. Compared to when BTC spot ETFs were allowed to trade, as of the local closing time on March 8, the net inflow totaled approximately 176,396 BTC. Through just the BTC spot ETF channel, BTC has reached a state of high demand in the market, with a current gap of over 95,000 BTC. However, the true source of BTC supply is from miners. While other channels such as BTC outflows from exchanges exist, they are not sustainable sources of supply. |
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